well im lost never read anything on mises. but Marx from what i read had some valid points but i do agree that some of his conceptions were a little altered.

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Originally posted by Energy_3 well im lost never read anything on mises. but Marx from what i read had some valid points but i do agree that some of his conceptions were a little altered.

Mises is part of the Austrian school of economics, which is a misnomer because they’re not economists, only social theorists masquerading as economists. They don’t deal with hard numbers, just esoteric principles like any other social theory.

They think that fiat currency is the devil and favour archaic monetary constraints like the gold standard, with little or no understanding of why all countries left the gold standard (most of whom did so after seeing the influence of the gold standard deepening and prolonging the great depression).

They are influential to bottom-feeder, populist idiots like ron paul who lack the economics nous to know any better, but are largely ignored by real economists the world over (for very good reason). Its easy dealing in social theory rather than hard economic data, hence its appeal to people that aren’t economists, like capitalizt (dropped out of uni) and iTranscendence (right-wing conspiracy theorist).

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lol pk I knew you'd get pissed when I called your man Marx an idiot.. No, the Austrians aren't part of the establishment massive government school of economics so they get no respect from the Keynesian crowd..but personally I'd consider that a great compliment. The "serious" econ people after all have led us to the current global shitstorm. The national debt in America has increased 1,600% since 1980 and we are currently flying down the road to socialism. The left is dominant worldwide and most governments are approaching (or exceeding) a parasitic 50% of GDP. There is no counterbalance to halt this trend. Obama's own numbers put the US debt at $22 trillion within ten years and we are also facing a shortfall of $40+ trillion in the next 40 years on social insecurity and medicare. The future looks dismal and taxes simply can not be raised enough to compensate for the coming shortfall.

Unless we have a DRAMATIC reduction in the size of government (which only the Austrian school proposes), there won't be enough wealth to siphon away from the productive sector to keep govt running. Our only option is to counterfeit (inflate) our way out of trouble. You never hear any "mainstream" economists proposing a way out of this, or even acknowledging it as a serious problem. Their answer will always be the same..more taxes, more debt, and more currency devaluation.. The current trend is unsustainable and very few people in Washington (including Ron Paul) recognize this. What has the policy of the "wise" and accredited economists done for us? Well, they created a massive bubble built on excessive debt and credit expansion, didn't see the impending collapse, and are now trying to cure the collapse with yet more debt and credit expansion..lol it's frakking genius. Gotta respect them for trying new ideas.

P.S. Just for the lulz...

Your favorite Austrian "non-economist"..


vs your favorite mainsteam economist..


"We will follow developments in the subprime market closely. However, fundamental factors—including solid growth in incomes and relatively low mortgage rates—should ultimately support the demand for housing, and at this point, the troubles in the subprime sector seem unlikely to seriously spill over to the broader economy or the financial system." - Federal Reserve Chairman Ben Bernanke, June 5, 2007

Last edited by Capitalizt on Sep-04-2009 at 03:26

interesting. yes were heading on a downward spiral. I dont really know to much about this theory as its not my area. But i am fascinated by it though. thanks for that PKC.

ultimately the government restricts/or remands the nature of economic sustenance i think as a way of mediating the demands between human and product - purely as a means of resources mentoring".

fair enough economic downfall catches people by surprise given its ability to entertain itself from its own creation which i think catches the government by surprise also. But this is why regulation and policy exist to keep and provide stable government. I feel that the problems we face as a society are created out of want and need to entertain a certain outcome - the end of this society.

if i dont make sense tell me to shut up"

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Lies, lies! Brazil is still considered a 3rd world western country and we've got the most expensive iPod in the world, not to mention services in general We get to have the worst of both worlds!

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quote:

Originally posted by Joss Weatherby Read Adam Smith's The Invisible Hand and you will understand everything.

fixed

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Originally posted by Slylee oh well, different strokes different vaginas

Some dance to remember ~ Some dance to forget

Adam Smith didn't write a book called The Invisible Hand.

He wrote just two books in his life, Wealth of Nations and Theory of Moral Sentiments.

quote:

Originally posted by Joss Weatherby Read Ayn Rand and you may never understand anything any more.

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quote:

Originally posted by MrJiveBoJingles Adam Smith didn't write a book called The Invisible Hand. He wrote just two books in his life, Wealth of Nations and Theory of Moral Sentiments.

haha, thanks.

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Originally posted by pkcRAISTLIN you know nothing about economics. and anyone that takes mises as a source for such issues is as clueless as you are (yes capitalizt im talking to you). i find it amazing how you've been repeatedly thrashed over the fiat money debate yet you still maintain the same myopic opinions.

Yeah, your incessant name calling definitely wins debates.

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Originally posted by iTranscendence Yeah, your incessant name calling definitely wins debates.

you seem to be under the mistaken assumption that your opinions are worthy of debate

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Originally posted by Energy_3 It think its amazing that the cost of things in society are determined by demographics.

Actually it's income.
Very (barebones) simply put-
A Costa Rican's average yearly income is US$3000, Australia's yearly income is around US$50,000 so it comes down to what the market will bear in terms of cost.
Price it too high and you sell nothing.